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Refund continues to be a major chink in Income Tax public image ! REFUND is one issue that accounts for maximum attention of not only the CBDT, the FM and also the judiciary. A lot of instructions to field formations and procedural changes have been made to facilitate painless refund of tax. However, much to the chagrin of the North Block bosses, refund continues to be the major chink in the overall image of the Income Tax Department. It is trite to talk about the ground-level practice that palm-greasing is an essential characteristic of income tax refund. But the latest modus operandi which has come to notice from a senior bureaucrat is that the I-T Department nowadays do not send you the refund but never forget to make an entry in their registers that the refund cheque returned undelivered. It is shocking that when hundreds of letters and other couriers reach an office how is that it is always and the only the refund cheque which goes back undelivered. Since in individual cases the amount involved is miniscule, most taxpayers prefer not to make rounds of the C R Buildings as this would cost more in terms of fuel, time and mental hassles. Will the CBDT look into it please? |
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Indian capital market is best regulated in the world : FM; CBEC CCs' conference decides to go ahead with Customs valuation rules with minor amendments; Sealing in Delhi : SC orders go ahead without any hindrance; Neemuch CBN seizes 14 kg opium + 1 kg heroin concealed in backdoor of a Tavera vehicle; UK Court issues arrest warrant against Naval War Room Leak case accused Ravi Shankaran; Mecon bags 2 x 500 MW power plant contract in TN; |
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| Dear Member, Sending you the following files: |
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Clarification related to deduction u/s 10A; Monitoring of scrutiny assessments by Range head; 2007-TIOL-180-HC-MAD-IT.doc + tvs story.doc AY 1995-96 - Deduction u/s 80HH claimed - AO disallows set off of unabsorbed depreciation and investment allowance as 10th year was AY 1994-95 - Assessee opts for KVSS - Revenue initiates reassessment and withdraws relief granted u/s 80HH - Since assessee had not made any declaration related to its eligibility to claim deduction u/s 80HH while availing the benefit of KVSS, its case falls under Sec 90(1) of the Finance (No 2) Act, 1998 and reopening of assessment is justified :HC; Section 249(4)(a) - Payment of tax due on the returned income before filing an appeal against the assessment order is a condition precedent and non-compliance of the same renders the appeal not maintainable - Assessee's appeal dismissed :HC; Search u/s 132 - A photo copy of cash book seized - Additions made after recording statements of those flat buyers who paid in cash - Since concealment of income is established, penalty levied u/s 271(1)(c) is valid - No question of law invovled - Assessee's petition dismissed : HC; Transfer of case from one station to another u/s 127 for proper investigation - Assessee alleges infraction of natural justice - Order of transfer is not a material infringement of the assessee's right and once proper notice stating recorded reasons is given, there is no violation of natural justice : HC; |
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2007-TIOL-52-SC-CX.doc + sc antoher story.doc In case of composite articles, test of 'essential character' shall apply - Glass Fibre Reinforced Plastics classified under 39.20:SC; 2007-TIOL-475-CESTAT-AHM.doc + newspaper story.doc Clearances to customers not registered by Registrar of Newspaper of India do not attract nil rate of duty :Cestat; C.Ex authorities having jurisdiction over assessee availing modvat credit cannot re-assess the duty paid by the input manufacturer - Pig iron cleared by supplier @12% instead of 8% - under modvat rules a consignee can take modvat credit of the "duty paid" by supplier and not "duty payable" - Appeal allowed with consequential relief :Cestat;
SERVICE TAX SECTION ST - Technical breach of law - Since Revenue fails to prove intention to evade tax, penalty not called for :Cestat; Service Tax - Commission received from banking and non-banking financial institutions and companies - There is no question of invoking doctorine of estoppal when the assessee are challenging levy - Matter remanded :Cestat;
CUSTOMS SECTION JT DGFT offices new jurisdiction notified; 2007-TIOL-53-SC-CUS.doc + granite story.doc Sale of imported marble through the DTA route - Government can withdraw DTA eligibility - DTA sales were not an integral part of the EOU Scheme - it is an exception :SC; Customs - Imports - Imported server even without Hard discs can be considered as CPUs and are entitled for benefit of Notification No. 6/2002-Cus :Cestat; |
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Interest on refunds - CBDT cautions field; Draconian 32/2006-CE - AP High Court also stays order; Monitoring of scrutiny assessments by Range Heads - CBDT clarifies - Board instructions do not restrict Range Heads to supervise their subordinates; Area-based exemption - Double benefits theory may put exports in double jeopardy ! Is Gujarat Govt legally empowered to levy stamp duty on imports? Banking Regulation Act 2007.doc The Banking Regulation (Amendment) Act, 2007 No. 17 Of 2007; Reliance Cap forays into brokerage business; Tanla Mobile services touch Irish lands; IDBI and IFCI pool in their resources in infrastructure projects; Iflex works for Irish Bank; NHAI approaches ADB for financial assistance; Indian Batliboi acquires Canadian Quickmill; Educomp acquires stake in ThreeBrix e-service; ABN Amro raises interest rates on fixed deposits; |
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